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China to probe accuracy of economic data
Central Midlands & coastal Advocate ^ | 06/27/2013 | Bloomberg

Posted on 06/26/2013 6:34:18 PM PDT by TexGrill

China said it will start an investigation to ensure the accuracy of data filed by companies as part of efforts to improve the reliability of statistics in the world's second-largest economy.

There is an urgent need to prevent fraud in data submission, National Bureau of Statistics head Ma Jiantang was cited by China Information News today as having said on June 24. Those found submitting inaccurate information for major statistics may be “severely punished,” the newspaper, published by the bureau, reported without citing anyone.

China's government is struggling to win the trust of investors and economists for its data, with exports and imports among the latest indicators to be scrutinized on concerns fake invoices inflated numbers. Li Keqiang, who became premier this year, said in 2007 that gross domestic product figures were “man-made” and “for reference only,” according to a WikiLeaks cable published in 2010.

“The problem is pretty pervasive and rather systemic,” said Zhang Zhiwei, chief China economist at Nomura Holdings Inc. in Hong Kong. “I don't expect a dramatic change in terms of data quality. There will be improvement but it will take time.”

Ma, in an open letter posted on the bureau's website yesterday, asked companies to file data “truthfully and completely.” Some local governments were found to have intervened in companies' filing process, and the bureau will increase penalties on those who commit fraud in statistics submission, the letter said.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs; News/Current Events
KEYWORDS: chinaeconomy
This sounds like nothing more than a 'smoke and mirrors' game. Because if China really disclosed accurate GDP figures that would spark a massive global financial crisis and worldwide depression, while China would also lose the confidence of foreign investors.
1 posted on 06/26/2013 6:34:18 PM PDT by TexGrill
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To: TexGrill


But why doesn’t China trade fairly? As in, buy and sell goods.

So far, it looks like China is working very hard to monopolize manufacturing.

(just wondering)

2 posted on 06/26/2013 6:36:12 PM PDT by Cringing Negativism Network
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To: Cringing Negativism Network

Chinese manufactuers are now moving into Southeast Asia and after development of Africa’s infrastructure they will move there. China is moving from a manufacturing-based, export-driven country to a service-oriented nation.

3 posted on 06/26/2013 6:38:31 PM PDT by TexGrill (Don't mess with Texas)
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To: TexGrill

If you say so, it’s your thread.

It seems otherwise though, to this poster.

4 posted on 06/26/2013 6:39:57 PM PDT by Cringing Negativism Network
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To: TexGrill

Maybe they could get His Arrogance to lend them the self-proclaimed experts at the BLS (Bureau of Lying Statistics) .... we believe everything the put out, don’t we?

5 posted on 06/26/2013 6:43:45 PM PDT by RetiredTexasVet (Drug abuse is not a victimless crime ... look at what Obama is doing to the country!)
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To: TexGrill

They have been faking everything for hundreds of years, so they probably couldn’t produce accurate statistics if they tried.

Anyway, why should they? Phony books and fake products are the mainstay of their culture.

6 posted on 06/26/2013 7:17:31 PM PDT by proxy_user
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